NIST plans to continue blockchain payments tracking project with Treasury, Defense Departments

A contract notice dated March 4 indicates that work continues on a multi-departmental research project within the U.S. government focused on using blockchain tech to track grant payments.

The project has been ongoing since the start of 2020, as The Block reported at the time, involving the National Institute of Standards and Technology (an agency within the Department of Commerce), the  Department of the Treasury and the Defense Information Systems Agency, which is part of the Department of Defense.

The proof-of-concept involves the use of blockchain-based data or tokens to represent letters of credit. The hope is that the project might one day help make the existing system, described as cumbersome by federal officials, more transparent and efficient.

Per the March 4 contract notice, NIST wants to employ a Maryland-based firm called Prometheus Computing, LLC to assist in the project. 

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